Quick service restaurant is a specific type of restaurant that aims to serve fast food to the customer quickly and on time. They are the most demanding segment in the restaurant industry and are gaining rapid adoption across developing as well as the developed region.
The U.S. quick service restaurant (QSR) ecosystem market is estimated to account for US$ 7,324.2 Mn in terms of value by the end of 2019.
Drivers:
Increasing adoption of the data-centric business model in the QSR ecosystem is driving the market growth. Use of such business model to track voided and purchased items at the point of sale. The data-centric business model also offers a key competitive edge and due to this most of the restaurants are likely to adopt this system in the near future. For instance, McDonald's is continuously pursuing big data analysis to optimize the drive-thru experience.
Increasing preferences for fast food among X, Y, and Z generation is expected to propel the market growth of U.S. quick service restaurant. Factor such as good taste, convenience, and economical in term of time as well as cost is also acting as a catalyst in the growth of the quick-service restaurant market. Moreover, changing lifestyle of the consumer along with the increasing purchasing power is again anticipated to propel the market growth.
Figure 1. U.S. Quick Service Restaurant (QSR) Ecosystem Market Share (%) in terms of Value, By Component, in 2019
-ecosystem-market-fig-1.png "U.S. Quick Service Restaurant Ecosystem | CMI")
On the basis of component in 2019, the hardware has accounted the largest market share of 78.5% in terms of value, followed by software and services respectively.
Market Restraints
High costs associated with the QSR ecosystem devices are expected to restrict the market growth over the forecast period. For instance, the average price of black menu boards ranges from USD 30 to USD 140. However, the average price of digital signage systems ranges from USD 9,000 to USD 17,000.
Security concerns associated with the data breaches due to network connectivity is one of the major factor hampering the market growth of U.S. quick-service restaurant.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 7,324.2 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 11.2% | 2027 Value Projection: | US$ 17,183.8 Mn |
| Geographies covered: |
|
||
| Segments covered: |
|
||
| Companies covered: |
Panasonic Corporation, Nanonation, Inc., NEC Display Solutions Ltd., Cisco Systems Inc., Hewlett-Packard Company, Omnivex Corporation, Samsung Electronics Co. Ltd., LG Display Co. Ltd., Keywest Technology, Inc., REDYREF Inc. |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
Market Opportunities
Various restaurants have started offering various other services such as take-out, home delivery, and drive-thru which are high in demand across consumer living modern lifestyle. This factor is expected to provide potential market opportunities over the forecast period. Moreover, the shifting preferences among customer towards dinning at home is further expected to contribute to creating demand for home delivery services.
A growing number of restaurants offering vegetarian foods due to veganism is expected to offer lucrative market opportunities. Moreover, increasing adoption of advanced technology such as kitchen-display screens, touchscreen point of sales terminals, and self-order kiosks is again anticipated to foster the market growth of the U.S. quick-service restaurant. All these factors will favor the market growth over the forecast period.
Figure 2. U.S Quick Service Restaurant (QSR) Ecosystem Market– Opportunity Analysis
-ecosystem-market-fig-2.png "U.S. Quick Service Restaurant Ecosystem | CMI")
Market Trends/Key Takeaways
Payment through m-wallet and bitcoins is a growing trend in the quick-service restaurant industry. Rising concern over credit card safety is also anticipated to drive the demand from-wallet. This is in turn is augmenting the market growth of quick-service restaurants. Also, with the growing awareness regarding the bitcoins, there is a growing trend of adopting such virtual digital currency which is further propelling the market growth.
Changing eating habits and growing the number of independent quick service restaurants due to shifting preferences towards local taste and cuisine is propelling the market growth. Due to the high demand for local taste among local people, there is an increase in the number of quick-service restaurants in the U.S. country, thereby fueling market growth.
Figure 3. U.S Quick Service Restaurant (QSR) Ecosystem Market Share (%) in terms of Value, By Software, in 2019
-ecosystem-market-fig-3.png "U.S. Quick Service Restaurant Ecosystem | CMI")
On the basis of software in 2019, the billing and management has accounted the largest market share of 92.9% in terms of value, followed by analytics software solution.
Global U.S. Quick Service Restaurant (QSR) Ecosystem Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus outbreak has caused a significant impact in the restaurant industry owing to closure of most of the restaurants across the globe due to the lockdown situation. Moreover, the quick service restaurant across the world are focusing on strategies such as introduction of own apps to deliver the food online. The above mentioned factors is expected to contribute to the growth of the QSR market over the forecast period.
Value Chain Analysis
-ecosystem-market-fig-4.png "U.S. Quick Service Restaurant Ecosystem | CMI")
Competitive Section:
Company Names
Quick service restaurant is a restaurant that provides fast food in nominal time on the table. Nowadays quick-service restaurants are adopting digital services such as digital menu cards, handheld devices, point of sales, and signage systems for enhancing consumer experiences. They are the most demanding segment in the restaurant industry and are gaining rapid adoption across developing as well as the developed region.
The U.S. quick service restaurant (QSR) ecosystem market is estimated to account for US$ 7,323.2 Mn in terms of value by the end of 2019
Market Dynamics
Increasing adoption of the data-centric business model in the QSR ecosystem is driving the market growth. Use of such business model tracks voided and purchased items at the point of sale. The data-centric business model also offers a key competitive edge and due to this most of the restaurants are likely to adopt this system in the near future. For instance, McDonald's is continuously pursuing big data analysis to optimize the drive-thru experience.
Increasing focus on updating the restaurant menus and recipes for offering healthiest food options is projected to bring new market opportunities. Many restaurants have started offering fruits and vegetables over processed food products. This is attributed to growing health-conscious consumers around the globe and improving lifestyle of the customers. Thus increasing availability of healthy menus and recipes at restaurants is projected to foster market growth over the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients